Dukascopy_Analyst

GBP/USD takes another shot at rebounding

FX:GBPUSD   British Pound/U.S. Dollar
24 0 3
"We believe that this [the April             pro-Sterling seasonal effect] will merely delay what we see as renewed pressure on the pound heading into the Referendum."
- BAML (based on PoundSterlingLive)


Pair's Outlook
The British Pound plunged against the US Dollar             for the third consecutive day yesterday, amid concerns over ‘Brexit' continuing to weigh on the Sterling. The bottom target is now the monthly S1 at 1.4005, which is also bolstered by the Bollinger band today. In case this area gives in, the second demand level at 1. 3932             , namely the weekly S2, is expected to keep the Pound from falling deeper. Although the bearish scenario is more likely, we should not rule out the possibility of the GBP/USD             pair undergoing a bullish correction and, thus, climbing back over the 1.41 psychological level.

Traders' Sentiment

Bullish traders' sentiment returned to its Tuesday's level of 69%, compared to 63% yesterday. At the same time, all pending orders are equally divided between the buy and the sell ones.
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